TRI Pointe Homes (NYSE:TPH) announced April 30th it has acquired 76 lots in the new-urban masterplanned community of Bay Meadows in San Mateo, Calif. The lots, TRI Pointe’s second acquisition within the masterplan, will feature 76 townhomes ranging from 1,200 to 2,100 square feet priced in the high $900,000s. Named Canterbury, the new neighborhood is slated to open in the first half of 2014.
"This acquisition continues to build our Bay Area operation around the very strong employment base within and surrounding Silicon Valley,” said Douglas F. Bauer, TRI Pointe CEO. “It fits perfectly with our model of building where people need and want to live, near major employment and transportation centers.”
The lots, acquired from Stockbridge Capital and developer Wilson Meany, are located in one of the largest developable areas in the San Francisco-Silicon Valley corridor on the site of a former airfield and Bay Meadows racetrack. Bay Meadows (http://baymeadows.com/) is a comprehensively sustainable, transportation-centered pedestrian village located midway between San Francisco and Silicon Valley designed with state-of-the-art buildings set in a new walkable urbanist environment.
“Our reputation and relationship with Wilson Meany has allowed us to enter into our second neighborhood at Bay Meadows," said Mr. Bauer. “This is the right place, the right time and the right concept.”
TRI Pointe’s existing 63-home neighborhood called Amelia features two- and four- bedroom townhomes. Each phase has sold out quickly after being released.
In mid-April, TRI Pointe announced the acquisition of 301 prime building lots in three sought-after communities in Los Angeles, Riverside and Orange counties in Southern California. TRI Pointe plans to begin building and selling single-family homes on the lots, located in Azusa, Temecula and Huntington Beach, later in 2013.
About TRI Pointe Homes
TRI Pointe Homes, Inc. (NYSE: TPH) is engaged in the design, construction and sale of innovative single-family homes in planned communities in major metropolitan areas located throughout Southern and Northern California and, most recently, Colorado. The Company is headquartered in Irvine, California. For more information about the company an its new home developments, please visit www.TRIPointeHomes.com.
Except for the historical information contained in this press release, the matters set forth in this press release, including statements regarding the Company's plans with respect to building and selling homes are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with adverse weather, regulatory approvals, labor shortages and other risks detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 and other documents subsequently filed with or furnished to the Securities and Exchange Commission. These forward-looking statements are based on current information that may change and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statement to reflect events or circumstances after the issuance of this press release.